Maire (MAIRE) H2 2023 & CMD 2024 earnings summary

Executive summary

• FY23 revenue was €4,259.5m, up 23.0%; EBITDA rose 31.1% to €274.4m and net income increased 43.3% to €129.5m.

• Order intake reached €11,174.1m and year-end backlog €15,024.4m; engineering capacity measured in man-hours grew 20% YoY.

• The 2024–2033 plan targets revenue above €10bn and EBITDA of ~€1bn by 2033, with 2028 revenue ambitions reached four years earlier than the 2023 plan.

Financial highlights

• FY23 revenue was €4,259.5m, EBITDA €274.4m, EBIT €216.5m and net income €129.5m; growth was 23.0%, 31.1%, 37.1% and 43.3%, respectively.

• Group net income was €125.4m, up 39.5%; basic and diluted EPS were €0.382, versus €0.274 in 2022.

• Adjusted net cash, excluding IFRS 16 lease liabilities and minor items, reached €337.9m, up €244.1m YoY; operating cash flow was €369.7m.

• Gross CAPEX was €76.6m: €43.2m for M&A and €33.4m for organic investment in technology and digital innovation.

• Proposed 2024 dividend was €0.1978 per share, up 59% to €64.7m, at a 50% payout ratio.

Outlook and guidance

• 2024 guidance: revenue €5.7–6.1bn and EBITDA €360–405m; CAPEX is €140–170m and adjusted net cash is expected €140–170m above 2023 year-end.

• 2024 segment guidance: STS revenue €340–360m and EBITDA €75–90m; IE&CS revenue €5.4–5.7bn and EBITDA €285–315m.

• 2033 targets include revenue above €10bn, EBITDA of ~€1bn, adjusted net cash above €1.6bn and EBITDA margin of 9–10%; 2028 targets are €7.5–8.0bn revenue and €550–650m EBITDA.

• Cumulative 2024–2033 CAPEX is planned at €1.0–1.2bn, concentrated in the first half; the plan excludes potential transformational M&A.

• Payout assumptions rise from 50% in 2024 to 55% in 2025 and 66% from 2026 onward; adjusted net cash targets are €500m in 2028 and €1.6bn+ in 2033.